Over Rs 1 Lakh Crore Has Been Deposited In SBI Savings Accounts Since  Notes BanThe local head office of the State Bank of India, Mumbai Circle. Photo credit: Manjulkumar/Wikimedia Commons

The country's largest public sector lender State Bank of India on Monday (5 December) said its savings accounts have swelled up by Rs 1 lakh crore after the withdrawal of high denomination currency notes.

"Our deposits have exceeded by Rs 1 lakh crore in saving accounts from November 8 till date," SBI Managing Director Rajnish Kumar said on the sidelines of Inclusive Finance India summit in New Delhi.

Kumar said the focus was on digitisation of banking operations. "Deposits are not an issue. The agenda for the next 3-4 months is to look at ways to increase our loaning and digitisation of banking operations," Kumar said.

With inputs from IANS

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber